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WorksheetsCollege Math Unit 4 - Finances
Total questions: 14
Worksheet time: 15mins
Elena spends $4 per day on a coffee at the neighborhood cafe and $360 per month on food. On an annual basis, the first set of expenses is ___% of the second set of expenses.
12%
28%
34%
47%
Ashton maintains an average balance of $1200 on his credit card which carries an annual interest rate of 21%. Find the monthly interest payments. Assume that monthly interest rates are 1/12 of annual interest rates.
$210
$21
$2520
$252
Linda enrolls for 10 credit-hours for each of two semesters at a cost of $550 per credit-hour (tuition and fees). In addition, textbooks cost $350 per semester. Prorate the given expenses to find the monthly cost. Round your answer to the nearest dollar.
$975
$1463
$150
$488
Find the net monthly cash flow. Assume that 1 month = 4 weeks and that 1 year = 12 months. Round your answer to the nearest dollar.
-$150
-$907
-$495
-$540
A couple in their forties with a combined household income of $56,000 per year spends $400 per month on health care. Is this spending pattern at, above, or below the national average? Use the bar graph above.
At average
Above average
Below average
You have a choice between going to an in-state college where you would pay $6000 per year for tuition and an out-of-state college where tuition is $9000 per year. The cost of living is higher at the in-state college, where you can expect to pay $950 per month in rent, compared to $500 per month at the other college. You will pay $1900 per year to travel back and forth from the out-of-state college. Find the cost of each college for one year.
In-state $17,400; out-of-state $15,000
In-state $17,700; out-of-state $15,000
In-state $17,400; out-of-state $16,900
In-state $17,700; out-of-state $16,900
Use the compound interest formula for compounding more than once a year to determine the accumulated balance on a $5500 deposit at an APR of 4% with a monthly compounding for 6 years.
$6,902.61
$6989.08
$5591.26
$5610.92
What is the accumulated balance if you deposit $44,956 in an account with an APR of 3.6% compounded continuously for 10 years?
$64,436.76
$64,030.25
$64,333.07
$62,790.94
You want to have $100,000 college fund in 20 years. How much will you have to deposit now in an account with an APR of 5% and daily compounding?
$38,940.29
$36,794.39
$35,950.49
$36,790.46
Find the savings plan balance after 17 months with an APR of 2% and monthly payments of $551.
$5656.71
$8069.00
$6654.95
$9492.94
Determine how much of the total loan payment applies toward principal and how much applies toward interest for a home mortgage of $136,538 with a fixed APR of 4.4% for 15 years.
$136,538 pays off the principal and $50,185.10 represents interest payments.
$136,538 pays off the principal and $50,267.78 represents interest payments.
$136,538 pays off the principal and $50,340.10 represents interest payments.
$136,538 pays off the principal and $50,219.55 represents interest payments.
Assume you have a balance of $3200 on your credit card that you want to pay off in 4 years. Calculate your monthly payment and total payment if the credit card APR is 20%. No additional charges are made to the card.
$83.40; $4003.29
$97.38; $4674.10
$116.98; $5614.96
$135.85; $6520.56
Jenny earned wages of $86,618, received $5452 in interest from a savings account, and contributed $6460 to a tax deferred retirement plan. She was entitled to a personal exemption of $4050 and had deductions totaling $9123. Find her taxable income.
$72,437
$98,530
$80,537
$85,610
In a recent year, the total receipts for the US federal govenment were estimated to be $2288 billion. The total outlays were estimated to be $2613 billion. The table shows the makeup of federal government receipts that year - the percentage of total receipts coming from each category. How much income came from social insurance taxes that year?
$967 billion
$1 trillion
$847 billion
$862 billion
